Commodity Market Report
Oil products price forecast update January 2023
Report summary
This update incorporates all of the price forecasts, crude differentials and refining margins through to end-2024 on a regional level. Our monthly ex-RVO Global Composite margin rose in December as European refinery supply had dropped in the early weeks of December, while the extensive US Gulf Coast refinery outages spiked product cracks in the last week of the month. For January, we expect global margins to ease as higher Chinese exports relieve tightness in Western markets helping to offset the loss of Russian-origin imports into Europe.
Table of contents
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Global margins rebound on US refinery outages and optimism for Chinese demand
- Methodology Enhancement - Change to our Global Composite Refining Margin
- Brent Price Outlook
- Key Changes to our prices and margins view
- Crude price and differential analysis
- Regional refining margin analysis
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